Gujarat: Surat Diamond Bourse attracting traders back to the city
Oct 02, 2020
Mumbai traders eye greener pastures in Surat Diamond Bourse
Surat (Gujarat) [India], October 2 : With Maharashtra continuing to report the maximum number of COVID-19 cases in the country, many diamond traders in Mumbai have started seeking greener pastures in neighbouring Gujarat's Surat where a diamond bourse is coming up in Khajod area next year.
"Over 100 small and medium traders have expressed their intention to shift to Surat. Many of them have already moved their operations here due to the coronavirus situation in Mumbai," said Dinesh Navadiya, regional chief of Gems and Jewellery Export Promotion Council (GJEPC).
Surat Diamond Bourse will begin operations in Khajod from 2021.
According to Navadiya, it will be a big relief for diamond traders who are struggling to pay huge rents in Mumbai's expensive complexes because of the lockdown-induced losses.
"Many traders are shifting their base to Surat because rent, travel and other expenses are difficult to manage in Mumbai. Our profit margin isn't very high and the COVID-19 situation made it a lot worse," said diamond trader Shivam Navadiya who hails from Surat. "It made sense to return home to avoid extra expenses," he added.
According to the GJEPC regional chief, 4,500 offices have already been booked in the bourse.
